Bitcoin Attempts to Restart Its Bullish Trend but Faces Harsh Rejection at $30K – April 26, 2023
Today saw a spectacular recovery for Bitcoin (BTC), which soared to a high of $30,034 but faces harsh rejection at $30K. Following the price increase, Bitcoin quickly reverted to its range-bound range. Since the price decline on April 21, BTC has been caught between the moving average lines. A price rebound for Bitcoin has been ineffectual while it is being held in isolation.
Bitcoin Price Statistics Data:
•Bitcoin price now – $28,425.83
•Bitcoin market cap – $548,353,158,857
•Bitcoin circulating supply – 19,357,075 BTC
•Bitcoin total supply – $592,558,783,703
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Bitcoin has been trending sideways over the previous week while being trapped between the moving average lines. The moving average lines have imprisoned the largest cryptocurrency. In other words, the price of Bitcoin fluctuates between $27,000 and $29,000. The lack of agreement between buyers and sellers regarding the market’s direction is what leads to the range-bound move. Buyers attempted to restart a bullish trend today as the price crossed through the 21-day SMA. The price of the cryptocurrency climbed to the psychologically significant level of $30,000 but failed to continue on its upward trajectory. Bitcoin is once again priced at its previous level. However, if the bears breach below the $27,000 support or the 50-day SMA, the price of Bitcoin will trend downward. The lowest price of the cryptocurrency will be S25,200.
Bitcoin Price Rises Following the Price Crash of First Republic Bank
The price of Bitcoin has surged as First Republic Bank deposit losses raise new banking crisis concerns in the United States. After First Republic Bank (FRC) shares dropped more than 50% on April 25, concerns over a potential impending bank failure caused the price of Bitcoin (BTC) to jump more than 3% in the previous day. The head of research at Australian crypto education platform Collective Shift claims that the moment Fox News Business reporter Charles Gasperino broke the news that bankers at First Republic Bank anticipate the institution entering government receivership, the price of Bitcoin spiked. Receivership is a strategy that helps distressed businesses avoid bankruptcy while allowing creditors to recover money that may be at risk of default. The association between Bitcoin and the S&P 500 may be eroding, according to data from crypto analytics company Santiment, as the concept that Bitcoin is a safe haven during the banking crisis has once again gained traction.
Meanwhile, Bitcoin is attempting to restore its value but faces harsh rejection at $30K. The upward price rise ended at the $30,000 peak. When Bitcoin’s price reached the $30,000 psychological barrier, it faced fierce resistance. Bitcoin’s price fell and resumed fluctuating between the moving average lines. Today’s positive price action has begun to recur as buyers attempt to keep the price above the 21-day SMA.
Alternatives to Bitcoin
Bitcoin’s price rebounded after a week of uncertainty between buyers and sellers, but it was unable to get above the psychological threshold of $30,000. As a result, the price of Bitcoin dropped to its previous range-bound range. BTC’s price is currently stabilizing as it begins a new ascent. The present shift in the price of Bitcoin will cause other cryptocurrencies and LHINU tokens to increase. The biggest cryptocurrency will now break over the 21-day SMA barrier line first. The incredible $6M LoveHateInu Gang milestone has been surpassed. We’d want to express our gratitude to all of our voters and future writers. In addition, as a part of the celebration, we have developed a creative challenge for you. Watch for our subsequent tweet to learn more about it. To get LHINU before the price increases, join us for Stage 6 of the Presale. You must not skip it. Already, about $8 million has been raised.
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